The global crypto market rose by nearly 2 percent and the total market cap now stands at $1.72 trillion (roughly Rs. 1,28,63,420 crore).
Currently, Bitcoin and Ether’s market dominance is 41 percent and 18 percent, respectively
Photo Credit: Unsplash/ Dmitry Demidko
The month of February has started re-animating the crypto market that had been largely in red on price charts throughout January 2022. On Friday, February 4, Bitcoin opened trading with a small gain of 0.37 percent in India. The world's most-valued cryptocurrency is trading at $40,003 (roughly Rs. 30 lakh) on Indian exchange CoinSwitch Kuber. For a change, BTC has also registered gains of around 1.18 percent on international exchanges. Each BTC token is trading at around $37,344 (roughly Rs. 28 lakh) on CoinMarketCap and Binance.
Along with Bitcoin, Ether also bagged little gains on Friday. With a hike of 0.02 percent, Ether opened trading at $2,881 (roughly Rs. 2.15 lakh) as per Gadgets 360's crypto price tracker.
The second-largest cryptocurrency by market capitalisation seems to be getting back on gain track on international markets as well. The ETH coin registered gains of up to 0.86 percent on Binance and Coinbase, hiking its trade value to $2,689 (roughly Rs. 2 lakh).
Minute gains roped in by other altcoins including Binance Coin, Cardano, Solana, Ripple, Terra, and Polkadot also improved the overall health of the crypto market.
Industry experts have noted the changes in the crypto charts, expecting growth in crypto prices in the coming days as well.
“Bitcoin and Ethereum have gained the ground back after dipping on Thursday, February 3. The global crypto market rose by nearly 2 percent, while the trading volume decreased by 8 percent over the past 24 hours,” Edul Patel CEO and co-founder crypto investment firm Mudrex told Gadgets 360.
As per CoinMarketCap, the current crypto market cap stands at $1.72 trillion (roughly Rs. 1,28,63,420 crore).
“Currently, BTC's dominance in the market is 41 percent and is switching tight between the support and resistance levels. BTC buyers have been losing ground to sellers since the start of this year as a trend. At the same time, most altcoins are showing up in green, gaining some decent growth than the previous day,” Patel added.
Meanwhile, some altcoins like Dogecoin, Shiba Inu, Tether, and USD Coin registered losses today.
Earlier this week, DOGE co-founder Billy Markus warned the members of this meme-coin community against getting “toxic, attacky, and spammy” after the altcoin remained riddled with losses these past months.
Markus asked the DOGE community to stay away from price and hike speculations that could devalue the brand.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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